Texas Home Insurance Personal Property Coverage
What is Personal Property Coverage?
Homeowners insurance policies provide personal property coverage(such as furniture, household electronics and clothing) as a percentage of the amount of your dwelling coverage limits. For example, if your insurance company insures your personal property at 50% of your dwelling amount and your house is insured for $250,000, your items are insured for up to $125,000. You might be able to purchase more coverage by paying an additional premium, and some companies offer limits as low as 40% for a reduced premium.
A homeowner policy will usually cap the coverage amount for certain types of personal property, like art, guns or jewelry. Let your agent know about any special items that you want to insure. You may be able to buy additional coverage for these items for an extra premium as well.
Typically a homeowners policy will pay only the actual cash value of damaged, stolen, or destroyed personal property, however, a replacement cost endorsement can usually be added to your conents.
Inventory Your Property
Many people learn after a loss, such as a storm or fire that they do not have enough personal property coverage. Making a written inventory will help you decide how much insurance you need. It will also help with claims.
Your inventory should list each item, the purchase date, value, and serial number. Photograph or videotape each room, including closets, open drawers, storage buildings, your garage and any storage buildings. Keep the inventory and receipts for major items in another location or a fireproof place. Use TDI’s Home Inventory Checklist to create your inventory
Have a competent Local Agent Provide a comprehensive coverage and plan so that you are fully covered. Call Austin Insurance Group, trusted independent agent since 1994.
Compare Home Insurance Policy Coverages from your Local Insurance Agent.
More information at www.tdi.texas.gov